TitlePLUS program update: We’re listening
The theme for 2015 has been listening to our subscribers, customers and stakeholders. In 2015, the TitlePLUS program responded to requests and client needs with a number of improvements to products and services.
Higher policy amounts
For those doing higher value deals, we worked to introduce higher policy amounts. The following options are now available: residential purchase, mortgage-only and OwnerEXPRESS® (existing owner) policies up to $5 million; and, Ontario commercial and farm purchase and mortgage-only policies up to $2.5 million.2
Plain and simple pricing
TitlePLUS pricing remains competitive and all inclusive. as always, TitlePLUS residential and commercial purchase policies include legal service coverage3 and all mortgages insured under the same policy – for the same price. Mortgage-only policies also contain legal service coverage.
Simplified policy coverage
In 2015, to make it easier for you to explain TitlePLUS coverage to your clients, revisions were made to the TitlePLUS Supplementary Coverage Endorsement for Residential Properties.
Technology – the way of the future
Technology can help lawyers be more efficient in their real estate practices. Through the integrated TitlePLUS policy application and LawyerDoneDeal’s Realtiweb program, you can – with a click of a button – prepopulate information to generate a TitlePLUS policy and multiple closing documents. This saves time by reducing data entry and minimizes the risk of errors.
This integration was recognized by one of Canada’s largest lenders which selected LawyerDoneDeal’s Virtual Intermediary Program (VIP) as one of its electronic mortgage communication portals. with VIP, lawyers receive instructions electronically through a secure portal ensuring prompt and accurate delivery, and eliminating faxes or couriers. Lawyers can communicate electronically with lenders making the exchange of information effortless and instantaneous – from follow up, built-in reminders and status updates to requests for funds and final reporting.
New Condo Select
Similar to the New Home Program, New Condo Select was launched in 2015. It offers title insurance policies that are pre-underwritten for an entire condo development. Lawyers now have access to a faster and simpler title insurance application process on more projects than ever before. If the condo they are doing a deal for has been selected for the program, much of the information is prepopulated for them in the application.
The fight to stop fraud
The TitlePLUS department is always alert to the red flags of fraud. In 2015, the program declined $6 million in policy coverage for potentially fraudulent transactions. The program also either declined coverage or attached a special exception to coverage for transactions totaling $662,500 involving properties with a history of use as illegal grow operations.
Over the last number of years, the rate of claims for the program has remained relatively flat. The average indemnity payment on a TitlePLUS claim (based on claims closed as of December 31, 2015) was approximately $6,000 and 90 per cent of claims were resolved for less than $10,000.
In our ongoing efforts to provide excellent customer service, over 200 more TitlePLUS claims files were closed in 2015 than in 2014.